1. Healthcare

INSTITUTIONAL SECURITIES
Tech Mahindra
Good quarter; valuations to remain buoyant
Q3FY15 result highlights
30 January 2015
BSE Sensex: 29183
™
Reported revenues grew by 2.7% qoq (CC terms 4.9%) to US$924m, including
~US$10m contribution from MES integration. IT Services and BPO revenues
grew by 2.5% (~1.3% organic) and 4.9% respectively. Organic growth of 1.6%
qoq was led by 6-7% qoq growth in Manufacturing and Retail verticals.
™
EBIT margins expanded by ~30bp qoq to 17.7% as tailwinds from weaker INR,
and higher utilization were partly offset by higher provisions (SG&A).
™
Reported net profit of Rs8.05bn (including Rs285m contribution for H1FY15
from MES) was up by ~12% qoq, led by higher EBIT and lower taxes even as
other income had a negative swing of Rs386m.
Sector: IT Services
Stock data
CMP (Rs)
2,869
Mkt Cap (Rsbn/ US$bn)
688 / 11.1
Target Price (Rs)
3,320
Change in TP (%)
Key positives: Healthy deal wins; good hiring.
+3.8
Potential from CMP (%)
+15.7
Earnings change (%)
FY15E
FY16E
FY17E
Bloomberg code
Key negatives: Muted Telecom growth; weaker-than-expected margins.
Impact on financials: We have cut our FY15E earnings by ~4% largely on account
of non-operating items. However, FY16-17E EPS has been revised upwards by 25% as we incorporate PBT-accretive LCC/ SOFGEN acquisitions. We build in 19%
USD revenue CAGR, -290bp EBIT margin and 20% INR EPS CAGR over FY14-17E.
-4.1
+1.9
+4.7
TECHM IN
1-yr high/low (Rs)
Valuations & view
2992/1676
6-mth avg. daily volumes (m)
TechM reported healthy revenue growth in Q3 with traction in key non-telecom
verticals like Manufacturing, Retail and BFSI even as Telecom took a breather (after
several quarters of consistent delivery). Healthy deal-win momentum across
industry verticals (two large deals and TCV of ~US$220m for incremental work in
Q3) and focus on value-accretive acquisitions strengthen growth visibility. TechM
has outperformed the CNX IT Index by ~47% over the past year and trades at 16.5x
FY16E and ~14x FY17E EPS. Reiterate Outperformer, with a 12-month target price
of Rs3,320 (16x FY17E EPS) as we see the earnings upgrade cycle continuing.
0.62
6-mth avg. daily traded value
(Rsm/ US$m)
1526 / 24.64
Shares outstanding (m)
Free float (%)
Promoter holding (%)
240.0
63.3
36.7
Price performance – relative and absolute
Tech Mahindra
OUTPERFORMER
Key financials (quarterly)
(Rs m)
Sensex
480
Net sales (US$ m)
3Q14
2Q15
3Q15 % ch qoq
% ch yoy
% var from est
0.3
791.0
899.9
924.3
2.7
16.9
380
Net sales
48,985
54,879
57,517
4.8
17.4
0.7
280
EBITDA
11,363
10,973
11,601
5.7
2.1
(3.0)
180
EBIT
9,967
9,548
10,160
6.4
1.9
(3.3)
EBIT margin (%)
PBT
20.3
9,274
17.4
10,083
17.7
10,312
27bp
2.3
(268bp)
11.2
(73bp)
(11.7)
80
Jan-12
Oct-12
(%)
Tech Mahindra
BSE Sensex
Jul-13
Apr-14
Jan-15
3-mth
6-mth
1-yr
15.7
6.7
32.7
11.9
66.9
42.4
Income tax
2,530
2,807
2,512
(10.5)
(0.7)
(13.8)
Adjusted net profit *
6,203
7,196
7,769
8.0
25.2
(11.1)
Reported net profit
10,099
7,196
8,054
11.9
(20.2)
Adj. EPS (Rs)
29.0
33.1
35.0
5.8
20.9
Note: *Adjustment for amortization of BT one-time payment, non-recurring gains/losses and treasury shares
Hitesh Shah
Abhishek Gupta
[email protected]
91-22-6622 2565
[email protected]
91-22-6622 2661
(7.9)
(12.0)
For Private Circulation only.
Important disclosures appear at the back of this report”
SEBI Registration Nos.: INB23 12914 37, INF23 12914 37, INB01 12914 33, INF01 12914 33.
RESULT NOTE
INDIA RESEARCH
Tech Mahindra – Q3FY15 result
Snapshot of Q3FY15 results
(Rs m)
3Q14
4Q14
1Q15
2Q15
3Q15
Comments
Revenue (US$ m)
791.0
825.0
855.2
899.9
924.3
Mfg./ Retail grew 6-7% qoq organically
Revenue
48,985
50,581
51,215
54,879
57,517
MES contributed ~US$10m (1.1% of growth)
Cost of revenue
30,012
32,470
34,392
36,160
37,656
Cross currency headwind of 220bp
Gross profit
18,973
18,111
16,823
18,719
19,861
38.7
35.8
32.8
34.1
34.5
Gross margin (%)
Operating expenses
IT Services revenues up 2.5% qoq
BPO up 4.9% qoq
7,610
7,393
7,539
7,746
8,260
11,363
10,718
9,284
10,973
11,601
EBIT margin up ~30bp led by weaker INR,
EBITDA margin (%)
23.2
21.2
18.1
20.0
20.2
utilization partly offset by higher provisions
Dep. & amortization
1,396
1,429
1,492
1,425
1,441
EBIT
9,967
9,289
7,792
9,548
10,160
EBIT margin (%)
Profit before tax
20.3
9,274
18.4
8,325
15.2
8,644
17.4
10,083
17.7
10,312
EBITDA
Income tax expense
2,530
2,092
2,308
2,807
2,512
Income from operations
6,744
6,233
6,336
7,276
7,800
111
91
29
80
31
6,633
6,142
6,307
7,196
7,769
-430
-118
0
0
0
Adjusted net profit *
6,203
6,024
6,307
7,196
7,769
Reported net profit includes Rs285m from MES
Reported net profit
10,099
6,142
6,307
7,196
8,054
for H1FY15
-basic
29.8
28.9
30.1
34.2
36.1
-diluted
29.0
28.0
29.0
33.1
35.0
43.5
26.4
27.0
30.7
33.7
Minority interest
Net profit after minority interest
Adj for BT one-time payment
Forex loss of Rs356m (vs Rs459m in Q2)
Reported tax rate of 24.4% including ~US$2m
write-back
Adj. EPS (Rs)
Reported EPS (Rs)
-basic
-diluted
42.4
25.7
26.2
29.8
32.8
Source: Company; *Adjusted for amortization of BT one-time payment, other non-recurring loss/ gain, and treasury shares
Key deal wins – TCV ~US$220m of incremental work; two large deals
Telecom
•
A leading European communications company chose TechM to boost its customer’s service operations
Manufacturing/ Hi-Tech
•
Engaged by a leading aerospace and defence company to develop flight test software.
•
A large European Automotive company chose TechM to provide end-to-end managed services for its applications
and systems.
Retail & CPG
•
Selected by a leading global consumer goods company in LatAm for managing its SAP IT service application
helping bring in cost efficiencies
•
A leading ASEAN retail operator selected TechM for its customer loyalty management implementation project
•
Won a deal from a European FMCG major’s division, to provide application support and testing services globally
BFSI
•
Selected by a leading South Asian capital market regulator in areas of design, development, implementation and
support of their portal and ERP system..
Healthcare
•
A North American medical device maker selected TechM for its engineering development support (developing
hospital and patient monitoring systems).
Others
•
A major APAC airline selected TechM to manage its end-to-end Infrastructure services (complete Data Centre
Operations, End-User Computing, and streamline operations while reducing costs)
•
Selected by a global leader in storage solutions for multi-year SAP application and maintenance support services.
2 | IDFC SECURITIES
30 January 2015
Tech Mahindra – Q3FY15 result
Other highlights
•
Management announced a wage hike of average 7-8% for offshore employees and ~2.5% onsite effective 1st
January 2015. This would potentially impact Q4FY15 operating margins by ~200bp.
•
MES merger received all approvals on 8th December 2014 (even though integration is effective from 1st April 2014)
and in this regards ~4.2m shares were issued to MES shareholders during the quarter.
•
LCC deal is expected to be closed by mid-February 2015 while SOFGEN would possibly close by 1st week of
March 2015. Both these deals would be dilutive at EBIT margin level in the near term but, accretive for profit
before tax in first full year of consolidation.
•
IT delivery headcount increased by 1,417 to 67,592; BPO headcount up by 1,133 to 23,566. IT Services attrition
inched up by 100bp qoq to 19%.
•
IT services utilization (incl. trainees) up ~100bp to 74%; utilization (excl. trainees) at 78% (vs 76% in Q2).
•
The company had a hedge cover of GBP108m (at an average INR/ GBP rate of Rs103.7) and US$1,583m (at an
average INR/ USD rate of Rs65.2).
•
Cash and cash equivalents stood at Rs42.1bn, with gross debt of Rs642m as of December 2014.
•
Effective tax rate for Q3FY15 was 24.4% down from 27.8% in Q2 largely led by ~US$2m write back during the
quarter. Adjusted tax rate was ~26% and management expects it to be in this range for the near term.
Maintain Outperformer, with a target price of Rs3,320
We have cut our FY15E earnings by ~4% largely on account of non-operating items. However, FY16-17E EPS has been
revised upwards by 2-5% as we incorporate PBT-accretive LCC/ SOFGEN acquisitions. We build in 19% USD revenue
CAGR, -290bp EBIT margin and 20% INR EPS CAGR over FY14-17E.
Earnings revision
Year to 31-Mar
FY15E
FY16E
FY17E
Net income - Recurring (Rs m)
- New
29,635
38,682
46,078
- Old
30,806
37,938
43,959
(3.8)
2.0
4.8
- New
135.0
174.4
207.7
- Old
140.7
171.1
198.3
(4.1)
1.9
4.7
Change (%)
Recurring EPS - Fully diluted (Rs)
Change (%)
Source: IDFC Securities
TechM reported healthy revenue growth in Q3 with traction in key non-telecom verticals like Manufacturing, Retail
and BFSI even as Telecom took a breather (after several quarters of consistent delivery). Healthy deal-win momentum
across industry verticals (two large deals and TCV of ~US$220m for incremental work in Q3) and focus on valueaccretive acquisitions strengthen growth visibility. TechM has outperformed the CNX IT Index by ~47% over the past
year and trades at 16.5x FY16E and ~14x FY17E EPS. Reiterate Outperformer, with a 12-month target price of Rs3,320
(16x FY17E EPS) as we see the earnings upgrade cycle continuing.
3 | IDFC SECURITIES
30 January 2015
Tech Mahindra – Q3FY15 result
Other key result tables
Revenue mix
(%)
3Q14
4Q14
1Q15
2Q15
3Q15
QoQ (%)
YoY (%)
North America
47
45
47
49
49
2.1
21.1
Europe
31
31
31
31
31
3.4
18.7
Rest of World
22
25
22
20
20
3.2
5.2
Geography wise
Vertical wise
Telecom
49
51
51
52
51
0.5
21.9
Manufacturing
19
19
18
18
20
14.3
21.2
Technology, Media & Entertainment
9
9
9
8
7
(9.7)
(6.3)
10
10
10
10
10
3.8
15.7
Retail, Transport & Logistics
7
6
6
6
6
6.0
8.4
Others
6
6
6
6
6
(0.7)
9.4
Onsite
52
53
54
55
55
2.7
25.3
Offshore
Source: Company
48
47
46
45
45
2.3
11.0
QoQ (%)
YoY (%)
BFSI
Delivery location wise (IT Business)
Key HR and execution metrics
3Q14
4Q14
1Q15
2Q15
3Q15
Total headcount
87,399
89,441
92,729
95,309
98,009
2.8
12.1
- IT delivery
57,601
60,997
64,095
66,175
67,592
2.1
17.3
(34.7)
- net add
- BPO delivery
- net add
- Sales & Support
2,169
3,396
3,098
2,080
1,417
(31.9)
23,213
21,830
21,936
22,433
23,566
5.1
1.5
-12
-1,383
106
497
1,133
N.A
N.A
6,585
6,614
6,698
6,701
6,851
2.2
4.0
Attrition (LTM)
15.0
15.0
16.0
18.0
19.0
100bp
400bp
Utilization (incl. trainees)
Source: Company
75.0
74.0
72.0
73.0
74.0
100bp
(100bp)
3Q14
4Q14
1Q15
2Q15
3Q15
QoQ
YoY
605
629
632
649
674
25
69
> US$ 1m
239
239
242
245
254
9
15
> US$ 5m
75
75
80
86
88
2
13
> US$ 10m
47
52
51
50
51
1
4
> US$ 20m
25
27
29
30
32
2
7
> US$ 50m
11
11
11
12
13
1
2
Client metrics
No. of active clients
Client relationship size
Client concentration (%)
Top 5
37
36
37
40
37
(5.0)
16.9
Top 10
49
48
50
51
49
(1.3)
16.9
Top 20
61
61
62
Source: Company; * Client concentration is in percentages, rest all are absolute changes
63
61
(0.5)
16.9
4 | IDFC SECURITIES
30 January 2015
Tech Mahindra – Q3FY15 result
Income statement
Key ratios
Year to 31 Mar (Rs m)
Net sales
FY13
FY14
FY15E
FY16E
FY17E
143,320
188,313
227,773
298,071
350,905
22.5
31.4
21.0
30.9
112,689
146,477
184,263
30,631
41,836
43,510
% growth
Operating expenses
EBITDA
% change
Other income
FY13
FY14
FY15E
FY16E
EBITDA margin (%)
21.4
22.2
19.1
18.1
18.7
17.7
EBIT margin (%)
18.7
19.4
16.5
15.8
16.5
244,151
285,151
PAT margin (%)
13.5
13.5
13.0
13.0
13.1
53,921
65,754
RoE (%)
32.8
31.1
28.2
29.0
27.3
56.9
36.6
4.0
23.9
21.9
RoCE (%)
30.0
34.7
29.2
29.1
29.0
1,129
1,978
3,999
5,155
Gearing (x)
(0.4)
(0.4)
(0.5)
(0.5)
(0.6)
(922)
(797)
(160)
-
-
Depreciation
3,896
5,221
5,866
6,775
7,720
Pre-tax profit
26,165
35,528
39,462
51,144
63,189
6,479
9,790
9,952
12,423
17,111
Profit after tax
19,686
Minorities
Non-recurring items
25,738
(300)
29,510
(336)
(1,600)
38,722
125
3,466
46,078
(40)
-
-
-
-
Net profit after
non-recurring items
17,786
% change
28,868
(0.9)
29,635
62.3
38,682
2.7
46,078
30.5
19.1
Valuations
Year to 31 Mar
FY13
FY14
FY15E
FY16E
FY17E
Reported EPS (Rs)
83.6
135.1
135.0
174.4
207.7
Adj. EPS (Rs)
91.1
118.8
135.0
174.4
207.7
PE (x)
31.5
24.1
21.3
16.5
13.8
Price/ Book (x)
8.7
6.6
5.4
4.3
3.4
EV/ Net sales (x)
4.1
3.1
2.5
1.9
1.5
EV/ EBITDA (x)
19.1
13.8
13.1
10.4
8.1
6.0
5.1
4.0
3.1
2.4
EV/ CE (x)
Balance sheet
Client concentration
As on 31 Mar (Rs m)
FY13
FY14 FY15E
Paid-up capital
2,316
2,335
2,335
FY16E
FY17E
2,335
2,335
Reserves & surplus
66,219
89,485 113,409
145,602 184,412
Total shareholders' equity
69,879
93,258 117,057
149,290 188,100
Total current liabilities
41,220
45,415
67,193
86,441 101,762
8,526
524
(1,166)
(2,666)
(4,166)
33,169
36,867
Total debt
Other non-current liabilities 18,480
20,199
28,248
Total liabilities
66,138
94,275
116,944 134,464
Total equity & liabilities 138,105 159,396 211,332
266,234 322,564
Net fixed assets
68,226
19,859
22,966
29,970
38,711
45,572
577
210
210
210
210
Investments
Total current assets
89,634 105,419 148,100
Deferred tax assets
Other non-current assets
Working capital
Total assets
190,745 237,572
3,477
3,830
3,830
3,830
3,830
24,558
26,971
29,223
32,738
35,379
48,414
60,004
80,907
104,305 135,810
138,105 159,396 211,332
266,234 322,564
Top5 Clients
Year to 31 Mar (Rs m)
FY16E
FY17E
Pre-tax profit
26,165
FY13
35,528
FY14 FY15E
39,462
51,144
63,189
Depreciation
3,896
5,221
5,866
6,775
7,720
(215)
(11,886)
(8,077)
Chg in Working capital
(5,114) (14,117)
Total tax paid
(6,479)
Ext ord. Items & others
(4,554)
5,185
8,049
4,921
3,698
Operating cash Inflow
13,914
22,027
43,209
38,532
49,419
(10,250)
(9,790)
(9,952)
(8,914) (12,870)
75%
52%
51%
52%
50%
49%
51%
12%
12%
12%
13%
11%
12%
36%
37%
36%
37%
40%
37%
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
50%
25%
0%
Shareholding pattern
Public &
Others
10.8%
13,113
30,339
23,016
34,838
Chg in investments
(988)
14
0
-
-
(2,974)
(8,002)
(1,690)
(1,500)
(1,500)
7
19
-
-
-
(1,248)
(5,028)
(5,710)
(6,489)
(7,268)
Misc
4,726
(816)
0
0
0
Net chg in cash
3,187
(700)
22,939
15,027
26,070
Dividend (incl. tax)
5 | IDFC SECURITIES
Foreign
39.0%
Promoters
36.7%
(15,516) (14,581)
3,664
Capital raised/(repaid)
Non-Top10 clients
(12,423) (17,111)
Free cash flow (a+b)
Debt raised/(repaid)
Other Top10 clients
100%
Cash flow statement
Capital expenditure
FY17E
2,121
Net interest
Current tax
Year to 31 Mar
Nonpromoter
corporate
holding
2.0%
Institutions
11.2%
As of December 2014
30 January 2015
Tech Mahindra – Q3FY15 result
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assured.
The analyst certifies that all of the views expressed in this research report accurately reflect his/her personal views about any and all of the subject issuer(s) or securities. The
analyst certifies that no part of her compensation was, is, or will be directly or indirectly related to the specific recommendation(s) and/or views expressed in this report.
Additional Disclosures of interest:
Unless specifically mentioned in Point No. 9 below:
1. The Research Analyst(s), IDFC Sec, Associate of Analyst or his relative does not have any financial interest in the company(ies) covered in this report.
2. The Research Analyst, IDFC SEC or its associates or relatives of the Research Analyst affiliates collectively do not hold more than 1% of the securities of the company
(ies) covered in this report as of the end of the month immediately preceding the distribution of the research report.
3. The Research Analyst, his associate, his relative and IDFC SEC do not have any other material conflict of interest at the time of publication of this research report.
4. The Research Analyst, IDFC SEC and its associates have not received compensation for investment banking or merchant banking or brokerage services or for any other
products or services from the company(ies) covered in this report, in the past twelve months.
5. The Research Analyst, IDFC SEC or its associates have not managed or co-managed in the previous twelve months, a private or public offering of securities for the
company (ies) covered in this report.
6. IDFC SEC or its associates have not received compensation or other benefits from the company(ies) covered in this report or from any third party, in connection with the
research report.
7. The Research Analyst has not served as an Officer, Director or employee of the company (ies) covered in the Research report.
8. The Research Analyst and IDFC SEC has not been engaged in market making activity for the company(ies) covered in the Research report.
9. Details IDFC SEC , Research Analyst and its associates pertaining to the companies covered in the Research report:
Sr. No.
1.
2.
3.
4.
5.
Particulars
Yes / No.
Whether compensation has been received from the company(ies) covered in the Research report in the past 12 months for investment
banking transaction by IDFC SEC
Whether Research Analyst, IDFC SEC or its associates or relatives of the Research Analyst affiliates collectively hold more than 1% of the
company(ies) covered in the Research report
No.
No
Whether compensation has been received by IDFC SEC or its associates from the company(ies) covered in the Research report
No
IDFC SEC or its affiliates have managed or co-managed in the previous twelve months a private or public offering of securities for the
company(ies) covered in the Research report
Research Analyst, his associate, IDFC SEC or its associates have received compensation for investment banking or merchant banking or
brokerage services or for any other products or services from the the company(ies) covered in the Research report, in the last twelve months
No
No
Explanation of Ratings:
1. Outperformer
2. Neutral
3. Underperformer
:
:
:
More than 5% to Index
Within 0-5% (upside or downside) to Index
Less than 5% to Index
Copyright in this document vests exclusively with IDFC Securities Ltd.
6 | IDFC SECURITIES
30 January 2015
Tech Mahindra – Q3FY15 result
Annexure
Associates of IDFC Securities Limited
Sr.
No.
Name of Company
Category
Non Banking Finance Company,
SEBI registered Merchant Banker, SEBI registered
Debenture Trustee
1.
IDFC Ltd.
2.
IDFC Capital (USA) INC.
Subsidiary
3.
IDFC Capital (Singapore) Pte. Ltd.
Subsidiary
Fund Manager
4.
IDFC Securities Singapore Pte. Ltd.
Subsidiary
Dealing in Securities
5.
IDFC Fund of Funds Limited
Subsidiary
Sponsor Investments
7 | IDFC SECURITIES
Parent
Nature of business
Broker Dealer registered with FINRA
30 January 2015
Tech Mahindra – Q3FY15 result
www.idfc.com
Analyst
Sector/Industry/Coverage
E-mail
Tel.+91-22-6622 2600
Anish Damania
Shirish Rane
Co-CEO - IDFC Securities, Head - Institutional Equities; Strategy
Head of Research; Construction, Power
[email protected]
[email protected]
Prakash Joshi
Oil & Gas, Metals, Mining
[email protected]
91-22-662 22564
Nitin Agarwal
Pharmaceuticals, Real Estate, Agri-inputs
[email protected]
91-22-662 22568
91-22-6622 2522
91-22-662 22575
Hitesh Shah
IT Services & Telecom
[email protected]
91-22-662 22565
Manish Chowdhary
Financials
[email protected]
91-22-662 22563
Bhoomika Nair
Engineering, Cement, Power Equipment, Logistics
[email protected]
91-22-662 22561
Ashish Shah
Construction, Power
[email protected]
91-22-662 22560
Deepak Jain
Vijayaraghavan G
Automobiles, Auto ancillaries
Midcaps
[email protected]
[email protected]
91-22-662 22562
91-22-662 22690
Rohit Dokania
Media & Entertainment
[email protected]
91-22-662 22567
Abhishek Gupta
Telecom, IT services
[email protected]
91-22-662 22661
Mohit Kumar, CFA
Construction, Power
[email protected]
91-22-662 22573
Param Desai
Pharmaceuticals, Real Estate, Agri-inputs
[email protected]
91-22-662 22579
Sameer Narang
Strategy, Economy
[email protected]
91-22-662 22566
Probal Sen
Oil & Gas
[email protected]
91-22-662 22569
Saumil Mehta
Metals, Mining
[email protected]
91-22-662 22578
Harit Kapoor
FMCG, Retail, Alcoholic Beverages
[email protected]
91-22-662 22649
Sameer Bhise
Financials
[email protected]
91-22-662 22635
Abhishek Ghosh
Engineering, Cement, Power Equipment, Logistics
[email protected]
91-22-662 22658
Saksham Kaushal
Automobiles, Auto ancillaries
[email protected]
91-22-662 22529
Dharmendra Sahu
Database Analyst
[email protected]
91-22-662 22580
Equity Sales/Dealing
Designation
E-mail
Ashish Kalra
Managing Director, Sales
[email protected]
Tel.+91-22-6622 2500
91-22-6622 2525
Rajesh Makharia
Director, Sales
[email protected]
91-22-6622 2528
Palak Shah
SVP, Sales
[email protected]
91-22-6622 2696
Varun Saboo
VP, Sales
[email protected]
91-22-6622 2558
Arati Mishra
VP, Sales
[email protected]
91-22-6622 2597
Hemal Ghia
VP, Sales
[email protected]
91-22-6622 2533
Tanvi Dixit
AVP, Sales
[email protected]
91-22-6622 2595
Nirav Bhatt
AVP, Sales
[email protected]
91-22-6622 2681
Chandan Asrani
Manager, Sales
[email protected]
91-22-6622 2540
Sneha Baxi
Manager, Sales
[email protected]
91-22-6622 2537
Suryakant Bhatt
Director & Head - Sales trading
[email protected]
91-22-6622 2693
Mukesh Chaturvedi
Director, Sales trading
[email protected]
91-22-6622 2512
Viren Sompura
SVP, Sales trading
[email protected]
91-22-6622 2527
Rajashekhar Hiremath
SVP, Sales trading
[email protected]
91-22-6622 2516
Alok Shyamsukha
VP, Sales trading
[email protected]
91-22-6622 2523
Suketu Parekh
VP, Sales trading
[email protected]
91-22-6622 2674
IDFC Securities
Naman Chambers, C-32, 7th floor,
G- Block, Bandra-Kurla Complex,
Bandra (East), Mumbai 400 051
INDIA
IDFC Capital (USA) Inc,
Regus Business Centre
600 Third Avenue,
2nd Floor,
New York,10016
Tel: +91 22 6622 2600
Tel: +1 646 571 2303
Our research is also available on Bloomberg and Thomson Reuters
For any assistance in access, please contact [email protected]
8 | IDFC SECURITIES
30 January 2015